AMP is the first bank to pull out of all lending from the investment space ( existing top up and new loans) until further notice.
Also the rate for existing investment loans will increase by 0.47% from 7/9/2015.
Existing investor property lending
In response to regulator guidelines to limit growth in investor property lending across the market to 10 per cent, AMP Bank is adjusting its investor property lending rates.
We will be increasing variable rates on all existing investor property loans by 0.47 per cent per annum from . All investor property loan applications that have been approved will be subject to the 0.47 per cent increase on settlement.
New investor property lending
AMP Bank will not be accepting new or assessing existing investor property lending applications from today. This is expected to last until later in 2015, depending on market conditions.